Marguerite C. Bateman understands the importance of being both thorough and diplomatic when helping her asset management clients navigate stringent federal securities laws. Marguerite’s practice focuses on issues arising under the Investment Company Act of 1940 and the Investment Advisers Act of 1940. She is a trusted counselor to investment company boards of directors and trustees and registered and unregistered investment advisory organizations. With 25 years in the industry, Marguerite’s on-point advice and practical solutions are invaluable to clients as they address day-to-day issues, as well as more challenging developments, such as regulatory examinations and inquiries and litigation.

In addition to her role as leader of the Financial Markets and Products Practice Group, Marguerite serves as independent legal counsel to the independent directors serving funds of all sizes and structures, including open- and closed-end funds and exchange-traded funds. Her experience, including as the first Managing Director of the Independent Directors Council, helps directors as they perform their “watchdog” role. She offers a reasoned approach, fostering relationships with the adviser and other service providers, but keeps a watchful eye on the independent directors’ regulatory responsibilities and duties to shareholders.

With the growth of increasingly complex investment products, diverse distribution channels and evolving regulatory requirements, advisory clients reach out to Marguerite for guidance. She provides assistance at the product development stage, performs mandatory annual reviews and creates effective compliance programs for some clients. For others, she suggests enhancements that will assist organizations achieve their potential without running afoul of regulatory mandates.

Above all, Marguerite recognizes that each client is unique. She helps companies tailor programs to their needs, while sharing her knowledge of legal and regulatory requirements and industry best practices.

  • Experience

    • Serves as independent legal counsel to independent trustees of both large and small investment company fund complexes.
    • Advises boards on obligations in connection with fund mergers, liquidations, and other significant transactions.
    • Engaged in comprehensive review of materials provided to boards intended to streamline quarterly board materials and better organize materials provided in connection with annual contract renewal process.
    • Develops compliance programs and annual compliance review protocol for investment advisory clients.
    • Educates private equity and family office clients on available exemptions from Investment Advisers Act of 1940.
    • Supported litigation counsel in derivative actions against adviser, fund and directors ensuring legal responsibilities of respective parties are correctly represented in pleadings.
    • Advised board regarding preparation of response to letter directed to the funds from SEC’s Office of Examinations and Inspections.
    • As Managing Director of the Independent Directors Council, involved in regulatory initiatives focused on fund governance and development of programs to educate fund directors regarding their oversight responsibilities.
  • Credentials


    • Wake Forest University School of Law, J.D., 1987
      Wake Forest Law Review, Notes Editor
      Order of the Barrister
    • Duke University, A.B., 1984

    Bar Admissions

    • District of Columbia

            Professional Memberships

            • American Bar Association
            • District of Columbia Bar Association
            • Federal Bar Association
          • Insights

            News Release

            Chambers USA 2019 Ranks 23 Attorneys, Four Practice Areas

            Schiff Hardin is pleased to announce that four practice areas and 23 attorneys have been recognized in the 2019 edition of Chambers USA, a leading legal industry ranking.

            News Release

            61 Schiff Attorneys Named to 2019 Best Lawyers in America List and Six Recognized as “Lawyer of the Year”

            Schiff Hardin is pleased to announce that 61 attorneys have been included in the 2019 edition of The Best Lawyers in America, as well as six who were named a “Lawyer of the Year” in their respective areas of practice.


            Decoding the SEC Rulemaking Package on Standards of Conduct for Investment Professionals

            On April 18, 2018, the Securities and Exchange Commission (SEC) concurrently issued three releases, all related to standards of conducts for investment professionals (“Rulemaking Package”).


            Top Q&As on Attorney-Client Privilege

            We answered top questions coming out of our recent webinar on trustee-counsel communications in the wake of Kenny v. PIMCO.

            In The News

            SEC Issues Interpretive Letter Permitting "Externalization" of Mutual Fund Sales Charges

            On January 11, 2017, the Securities and Exchange Commission’s Office of Chief Counsel, Division of Investment Management, issued an interpretive letter pursuant to Capital Group’s request under section 22(d) (Section 22(d)) of the Investment Company Act of 1940, as amended (1940 Act), concurring that the American Funds would be able to offer Clean Shares (as defined below) for which a broker could charge customers commissions to effect transactions if such broker is acting solely as an agent on behalf of its customers.


            SEC Issues Final Rule On Investment Company Swing Pricing

            In October, the SEC issued its final rule with respect to investment company swing pricing. The final rule includes amendments to Rule 22c-1 under the Investment Company Act of 1940 and other amendments.


            SEC Adopts Rules to Modernize the Reporting and Disclosure of Information by Registered Investment Companies

            On October 13, 2016, the Securities and Exchange Commission (SEC) adopted rules, forms, and amendments to certain existing rules and forms to modernize and enhance the reporting and disclosure obligations of registered investment companies.

            Other Publications

            • "All In the Family: Application of the SEC's Family Office Rule," Approach (Nov. 2011)
            • "Summary Prospectus Rule as it Applies to ETFs," (co-author) The Investment Lawyer (May 2009)
            • "Newly Adopted Summary Prospectus Form Tailored for Exchange-Traded Funds," (co-author) The Investment Lawyer (Apr. 2009)
            • "New Path, Same Destination: The Effect of Jones v. Harris Associates on 36(b) Litigation," (co-author) The Investment Lawyer (Aug. 2008)
            • "Mutual Recognition: A Step Towards Greater Access to Global Markets," (co-author) The Investment Lawyer (May 2008)

            Speeches & Presentations

            • "A Registered Mutual Fund And Its Compliance," The National Society of Compliance Professionals Annual Meeting, National Harbor, Maryland (Nov. 1-4, 2015)
            • "Looking Ahead: The Evolution of the Role of the CCO Within a Fund Complex," Mutual Fund Compliance Programs Conference, Washington, D.C. (May 7-8, 2015)
            • "Hot Topics and Challenging Issues for Fund Boards: Independent Counsel Roundtable," Mutual Funds and Investment Management Conference (Mar. 2015)
            • "Corporate Governance and Ethical Considerations of Counsel," The American Law Institute (Jul. 21-22, 2014)
            • "Mutual Funds Today: Current Issues and Developments in Fund Regulation and Compliance," The American Law Institute (Oct. 28-29, 2013)
            • "Board Issues Roundtable: Independent Counsel Perspectives," Mutual Funds and Investment Management Conference (Mar. 2013)
            • "Lightning Round," 2012 Mutual Fund Compliance Programs Conference, Washington, D.C. (May 10-11, 2012)
            • "Practices of Effective Fund Boards," Independent Directors Council (IDC) Investment Company Directors Conference (Oct. 24-26, 2011)
            • "Risk Management Frameworks," The National Society of Compliance Professionals Annual Meeting, Baltimore, Md. (Oct. 18, 2011)
            • "Board Perspectives," Investment Company Institute Tax and Accounting Conference, Palm Desert, Calif. (Sep. 13, 2011)
            • "Dodd-Frank's Impact on Investment Adviser Registration — What Does it Mean for You?" Schiff Hardin Webinar (Apr. 13, 2011)
            • "Fund Board Dynamics, Governance and Key Issues," Mutual Funds and Investment Management Conference (Mar. 2011)
            • "Corporate Governance," Investment Company Regulation and Compliance, The American Law Institute (Jun. 2010)
            • "Fundamentals of Fund Board Oversight," Independent Directors Council (IDC) Investment Company Directors Conference (Nov. 2009)
            • "How Regulatory Requirements Impact the Competitive Balance Between Conventional ETFs and New Types of Commodities-Based ETFs," Investment Company Institute (ICI) General Membership Meeting (May 6–8, 2009)
          • Citizenship

            Civic and Charitable Memberships

            • Girl Scouts Nation's Capital, Women's Advisory Board (2019)
            • Greater Washington Educational Telecommunications Association (WETA), Board of Trustees (2008-2015), Audit Committee Chair (2013)